What is customer loyalty? Bringing in new customers who came as a visitor but converts into your brand advocates, referred to as loyal customers. These customers are, on average, 16 times less expensive than new customers. According to a study, the cost of bringing new customers to the level of profitability is ten times to 16 times more. Even if you cut costs by 10%, a mere 2% increase in customer retention can cause the same effect.
Another study states that customers who become a part of a retailer’s customer loyalty program can generate 12% to 18% more revenue.
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Customers are king. And, loyal customers, especially. Spending any efforts to ensure that your customers stay with you are rewarded with exponential growth. In that sense, customer loyalty is a key factor in planning how to run your business effectively and efficiently for long.
To know more about customer loyalty and its importance in the business, watch the video.
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